How can this page help me compare group policies?

What does a group policy cover?

Here is a look at the different types of cover available under group personal accident insurance and their associated benefits:

Disability cover. If a covered employee meets with an accident that leaves them disabled in any capacity, whether temporarily or permanently, and such a disability does not allow them to work, then you will get disability benefits under the group accident insurance. These benefits can be used to pay compensation to the injured employee. Also, if the employee is temporarily out of work, they can even receive weekly injury benefits that will help to cover the loss of income arising from the temporary inability to work due to the accident

Accidental death cover. If an injury sustained from an accident results in the death of the employee, then accidental death benefits will be paid out by the insurance company. These benefits are usually in the form of a lump sum payment. If the insured person has died leaving behind dependent children, then additional benefits for the surviving children may also be paid. In situations where an insured employee and their spouse both die from the same accident, a lump sum orphaned benefit may also be applicable for the surviving children

Funeral cover. Most group personal accident insurance policies also include cover for funeral expenses that may arise from the accidental death of an insured employee. Usually a maximum limit for such benefits is mentioned at the time of taking the policy

Miscarriage cover. If an insured employee who meets with an accident happens to suffer a miscarriage following the accident, then additional benefits will be paid in such situations. Also, if the employee was pregnant and the accident results in a premature delivery, then additional benefits will also be paid by the insurance company

Recruitment expenses cover. If the company incurs any additional expenses to hire another employee in a temporary capacity so as to handle the work of the injured employee, such expenses are covered under group accident insurance. Also, if the accident leaves an employee permanently unable to work and the business needs to find a suitable replacement for such an employee, then all recruitment expenses relating to finding the replacement will also be covered.

What features should you look for in group personal accident cover?

The following are some of the key features to look for in a personal accident policy;

No age exclusions (cover available to all employees)

A Return to Work Assistance Benefit to aid in recovery and recommencement at work

A lump sum payment for accidental death

Weekly benefits for temporary, total or partial disablement

Weekly loss of income benefits

Funeral expenses (to a set benefit amount)

Replacement staff costs and/or recruitment costs

Dependent child supplement

What are some extra benefits of personal accident cover?

As well as offering a range of key benefits, personal accident insurance can be tailored to suit your individual business requirements and can include optional extras such as;

Domestic home help

A home nursing care benefit

Medical expenses cover for non-Medicare services

A student assistance benefit

Cover for HECS/post graduate fees

An AIDS/HIV needle stick injury benefit

Working hours only cover (including or excluding commuting)

Cover for voluntary work

Home and vehicle modification expenses

Is group accident insurance worth it?

Group accident insurance has several other advantages;

It is much cheaper than purchasing individual policies, as the risk to the insurer is much lower when shared amongst a group

When offered as part of a job package, it can help employers obtain and retain good workers

It protects employers from compensation claims that might otherwise result from a death or injury at work

Richard is the Insurance Editor at finder, and has been wrangling insurance Product Disclosure Statements for the last 4 years. When he’s not helping Aussies make sense of the fine print, he can be found testing the quality of Aperol Spritzes in his new found home of New York. Richard studied Journalism at Macquarie University and The Missouri School of Journalism, and has a Tier 1 certification in General Advice for Life Insurance. He has also been published in CSO Australia and Dynamic Business.

2 Responses

mandyMay 23, 2018

I am a small business in Queensland. I have been told that It is compulsory for a business to have accident insurance cover for employees. This covers an employee if they are injured on their way to work- not just on site.
I already hold Broadform Liability (public and product) as well as Leaseholder insurance. Do i have to take out another policy at 1.2% of my payroll? An additional cost to small businesses?

Workers Compensation insurance is compulsory. This link provides information to help you understand.

Safety in the workplace is critical to businesses, no matter what size. Small business owners have a duty to their workers to ensure work health and safety measures are in place. Even if there are no employees, small businesses must ensure that their business doesn’t create health and safety problems for workers, customers and the general public.

Knowing and following the occupational work health and safety (OH&S) laws will help avoid the costs and damage caused by workplace injury and illness.

Safe Work Australia leads the development of national policy to improve work health and safety and workers’ compensation arrangements across Australia. Safe Work Australia is not in charge of regulating work health and safety laws. It is the responsibility of the Commonwealth, states and territories to regulate and enforce work health and safety laws.

Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880. Please refer to our FSG - Financial Products. We also provide general advice on credit products under our own Credit Licence ACL 385509. Please refer to our Credit Guide for more information. We can also provide you with general advice and factual information on about a range of other products, services and providers. We are also a Corporate Authorised Representative of Countrywide Tolstrup Financial Services Group Pty Ltd. ABN 51 586 953 292 AFSL 244436 for the provision of general insurance products. Please refer to our FSG - General Insurance. We hope that the information and general advice we can provide will help you make a more informed decision. We are not owned by any Bank or Insurer and we are not a product issuer or a credit provider. Although we cover a wide range of products, providers and services we don't cover every product, provider or service available in the market so there may be other options available to you. We also don't recommend specific products, services or providers. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan. (c) 2018.

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Important information about this website

finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.

finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.

Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.

The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.

Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.

We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.

Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.

Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.

Please read our website terms of use for more information about our services and our approach to privacy.